Prosafe reported a second-quarter EBITDA of $9.7 million for 2026, an increase from $3.1 million in the same period last year, according to Baird Maritime. Quarterly revenue also climbed to $46.5 million, up from $30.9 million, supported by a 71 per cent fleet utilisation rate.
The company's performance was bolstered by four of its five vessels contributing to income. Both Safe Eurus and Safe Boreas remained operational throughout the quarter. Additionally, Safe Zephyrus and Safe Notos resumed operations in April after completing their five-year special periodic surveys.
Safe Caledonia remained in layup during the quarter, awaiting a contract scheduled to commence in the second quarter of 2027. This followed the conversion of a letter of intent into a firm agreement in May, as reported by Baird Maritime.
For the first half of 2026, Prosafe's EBITDA reached $24.5 million on revenues of $94.6 million. This compares to $7.7 million and $63.9 million respectively for the first half of 2025, indicating substantial growth.
Operational cash flow was negative $14.2 million for the quarter but positive $40.5 million for the six-month period. Total liquidity stood at $52.3 million, down from $65.3 million at the end of 2025.
Capital expenditure for the quarter was $15.1 million, rising to $42.5 million for the first half, primarily due to survey and maintenance work on Safe Zephyrus and Safe Notos. The company's order backlog, including options, reached $407 million at quarter-end, supported by tender activity in Brazil and Africa.
Following these results, Prosafe raised its full-year EBITDA guidance to between $50 million and $55 million, representing the upper end of its previous forecast range. CEO Reese McNeel stated the company is focused on extending its backlog beyond 2027, reflecting a strong global market for high-end offshore accommodation vessels.
